Vanillinyl‐hydrazone Schiff base, 2,6‐Bis‐[(2‐hydroxy‐3‐methoxy‐benzylidene)‐hydrazonomethyl]‐4‐methyl‐phenol (PHV) is characterized by spectroscopic techniques and serves as selective and sensitive fluorescence sensor at different emission wavelength for Zn2+ (λem, 546 nm), Cd2+ (λem, 567 nm) and Mg2+ (λem, 625 nm) in DMSO/H2O medium (9 : 1, v/v) in presence of large number of available cations. The probe also displays selective turn‐on fluorescence sensitivity to I− (λem, 635 nm) in THF medium. Density Functional Theory (DFT) computation techniques are used to explain some of the obtained experimental observation.